EX-12.1 2 sndkex-121xratioofearnings.htm COMPUTATION OF RATIO TO FIXED CHARGES SNDK Ex-12.1- Ratio of Earnings to Fixed Charges Q3'13
EXHIBIT 12.1




Computation of Ratio of Earnings to Fixed Charges

 
Nine months ended
 
Fiscal years ended
 
September 29,
2013
 
December 30,
2012
 
January 1,
2012
 
January 2,
2011
 
January 3,
2010
 
December 28,
2008
 
(In thousands, except ratios)
Computation of earnings:
 

 
 
 
 
 
 
 
 
 
 
Income (loss) before provision for income taxes
$
1,020,907

 
$
626,916

 
$
1,476,754

 
$
1,457,433

 
$
503,801

 
$
(1,952,374
)
Fixed charges excluding capitalized interest
69,720

 
128,934

 
125,057

 
101,434

 
81,630

 
67,821

Distributed earnings from 50%-or-less-owned affiliates
(11,224
)
 
(451
)
 
(2,729
)
 
(147
)
 
(392
)
 
(3,604
)
Adjusted earnings
$
1,079,403

 
$
755,399

 
$
1,599,082

 
$
1,558,720

 
$
585,039

 
$
(1,888,157
)
Computation of fixed charges:
 

 
 

 
 

 
 

 
 

 
 

Interest expense
$
68,245

 
$
119,869

 
$
122,512

 
$
90,377

 
$
70,205

 
$
65,207

Interest relating to lease guarantee of 50%-or-less-owned affiliates
—

 
7,065

 
—

 
8,746

 
8,898

 
—

Interest portion of operating lease expense
1,475

 
2,000

 
2,545

 
2,311

 
2,527

 
2,614

Fixed charges
$
69,720

 
$
128,934

 
$
125,057

 
$
101,434

 
$
81,630

 
$
67,821

Ratio of earnings to fixed charges (1)
15.5
x
 
5.9
x
 
12.8
x
 
15.4
x
 
7.2
x
 
—

————
(1) 
Computed by dividing (i) income (loss) before provision for income taxes adjusted for fixed charges by (ii) fixed charges which include interest expense plus amortization of debt issuance costs, the portion of rent expense under operating leases deemed to be representative of the interest factor and interest relating to lease guarantees of 50%-or-less-owned affiliates.  In fiscal year 2008, earnings were insufficient to cover fixed charges by $1.96 billion.